Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The Asia Pacific is known for its developing economies and has very abundant banana production. India and China are the leading banana-producing countries and this factor will be highly attributed to the market growth. Banana flour is undoubtedly a rich source of various mineral salts such as calcium, sulphur, magnesium, iron and potassium. It also contains a commendable amount of resistant starch, vitamins C and B6. Using banana flour in your diet instead can provide many health benefits. Bananas help metabolize carbohydrates, fats, and amino acids in the body. Subsequently, it helps to increase the overall energy of the person. Additionally, the manganese in banana flour increases collagen production in your body. Therefore, it protects the skin and cells from free radical damage. Additionally, banana flour is a beneficial all-purpose alternative to flour, especially for those on a nutritious diet. Banana flour is made by drying ripe and fresh bananas using various techniques such as sun drying, osmosis, oven etc. The increased demand for gluten-free food products around the world is acting as one of the main factors driving the growth of the market. The high use of the product in the production of various applications, such as confectionery, fillings and condiments, baked goods and snacks and infant feeding is a key factor which is anticipated to provide ample of new growth opportunity for the market.
Asia Pacific market is driven by an increasing number of health-conscious consumers and growing preference for own brand products in their daily diet. Banana flour can promote weight loss and blood sugar control, improve metabolic syndrome symptoms, promote a healthy colon, aid in weight loss, and lower cholesterol. The increased preference for banana flour for babies with regards to digestion and the emergence of advanced along with the emergence of new cutting-edge manufacturing techniques are vital elements that are expected to accelerate market growth. Consumer interest in clean-labeled products is rising due to growing health concerns as clean-labeled products are considered healthier than their unlabeled counterparts because they are made from real foods rather than cheap chemical imitations. Clean Label products are about authenticity, traceability, and organic or sustainable agriculture. Clean Label products are being offered more and more often to customers who want products that do not contain artificial ingredients or ingredients that can be harmful. Food manufacturers are responding to consumer demand for healthy, natural foods without harmful ingredients such as artificial colors, aspartame, vegetable bromine oil, and caramel dye. The growing demand for clean label products is expected to drive market demand.
The demand for banana flour is likely to intensify over the coming years owing to the rising demand from new food outlets in developing regions as the expenditure power of consumers in those regions rises exponentially with every passing year. Food manufacturers from across the Asia Pacific are focusing on the usage of fruit products as consumers become more health conscious. In addition, the expansion of quick-service restaurants and food outlets across developing nations such as India and China. Furthermore, the infant nutrition sector is an incessantly evolving sector and the competition among the vendors in this particular sector is also rising at a substantial rate.
Certain factors may slow the growth of the Banana Flour market. This flour may not always be easily accessible to people as it is not available in most local stores and supermarkets. Also, banana flour can cost a little more than wheat and all-purpose flour. Therefore, these factors are expected to hinder the growth of the market during the forecast period.
Certain factors can pose a challenge for banana flour companies. With the growing popularity of banana flour, various substitutes are also entering the market. In addition, many new companies are offering low-cost flours, which increases competition in the world market. Therefore, these factors can challenge banana flour producers.
The report provides an in-depth analysis of the Asia Pacific Banana Flour market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for banana flour in various applications has led to the increasing demand for the market and is expected to witness growth at a specific CAGR from 2021-2028.
The Asia Pacific Banana Flour market comprises of different market segments like process, source, form, distribution channel, end users and country.
By process, the Banana Flour market includes the key segments of
The spray dried segment is expected to dominate the market over the forecast period. This method has the fastest drying speed. The spray drying process has been adopted as a powder production method due to its ability to produce a reliable and consistent product with accurate quality and specifications. It provides both stability and ease of use in products such as homemade ready-to-drink beverages or used in any product that requires fruit solids, including desserts, yogurt, infant formula, pharmaceuticals, etc.
On the other side, freeze drying is expected to witness significant growth. The freeze-drying process offers the flexibility to remove moisture content and preserve almost any fruit or vegetable.
By source, the Banana Flour market is segmented into
The organic segment is expected to maintain its dominance over the estimated time period. With the growing consumer preference for clean labeled products with a good nutritive value, the demand for organic products has increased significantly. Banana flour made with organic ingredients is becoming more and more popular with consumers looking for products that are free of chemicals and pesticides. Banana flour producers also work closely with suppliers or farmers to understand the quality of the bananas used to produce the flour. Market demand is expected to be affected by the demand for organic banana flour. The demand for banana flour is increasing worldwide as banana plants and fruits are known for their health benefits as they are nutritious and serve as a good source of fiber, resistant starch, vitamin A, vitamin B6, vitamin C and potassium. Likewise, conventional segment is likely to grow at a steady rate over the forecast period.
By form, the Banana Flour market is segmented into
The unripe banana flour segment is expected to dominate the market. Bananas are grown in more than 1000 different varieties around the world. Bananas, both green and yellow, contain many different nutrients. Unripe bananas contain a lot of potassium, vitamin B6, and vitamin C, among other things. They are made up almost entirely of carbohydrates, with very little protein and fat. Stage 1 of banana ripening is most commonly used in the production of green banana products because it contains many antioxidant chemicals, a high starch content and a low sugar content.
These properties are needed to promote health benefits, which could lead to the classification of banana flour as a functional food. Green bananas can help keep intestinal bacteria healthy. It can also produce short-chain fatty acids, which are important for digestion. These driving factors are expected to propel the expansion of the immature segment in the market over the coming years. Due to the increasing use of flour in the manufacture of baby food, the ripe banana flour segment is expected to register the highest CAGR during the forecast period.
The Banana Flour market has distribution channels like
Indirect sales include retail sales of banana flour through hypermarkets, supermarkets, grocery stores, online sources and other retail channels. Direct sales is expected to find increasing demand in the market over the forecast period. Banana flour has found various applications in the food, beverage, pet food and feed industries, nutraceuticals, pharmaceuticals and other end-use sectors. Banana flour is becoming a gluten-free alternative for food and beverage manufacturers around the world. Banana flour is emerging as an important ingredient in baked goods, sweets and desserts. Food and beverage manufacturers use flour as an ingredient in the products they produce. End users purchase it in large quantities for use in many foods and beverages. As a result, direct sales have become an important part of the market.
However, the indirect sales segment is expected to grow significantly over the forecast period due to the increased use of banana flour in households for the preparation of various dishes and recipes.
The Banana Flour market has major end users like
The food industry segment is expected to dominate the market over the forecast period. Banana flour has found various uses in the food industry as it is used as an alternative gluten-free wheat flour. Banana flour is actively used in the baking industry to create natural gluten-free and nut-free products for health-conscious consumers. Green banana flour is now used to make pasta dishes healthier and more nutritious. Bread, as the most consumed bakery product in the world, presents a great opportunity to use banana flour to strengthen bread and improve its nutritional benefits. Banana flour can be used daily as a dietary supplement, simply adding it to smoothies, yogurts, or other products to reap its nutritional benefits.
The retail/household segment is expected to register the highest CAGR during the forecast period. Banana flour becomes a nutritious and healthy alternative to other cereal flour such as wheat, barley, corn, rice, etc. Consumers in Africa, Latin America, and Asia have traditionally consumed banana flour using the traditional sun-drying process. Consumers use banana flour in their recipes for its health benefits.
The Asia Pacific Banana Flour market is studied for the following Countries
China accounted for the major market over the forecast period. The green banana is rich in fibre and nutrients and low in fat green banana flour helps prevent overeating and is used in bread, cakes, pizza, and much more. Green banana flour (GBF), as a functional ingredient, was used to partially substitute cassava starch in two types of snacks, viz. fish cracker (FC) and cassava cracker (CC). Green banana flour is low in sugar and high in resistant starch type. In addition, adding banana flour and other products such as sun-dried banana snacks could help improve revenues for these rural banana farmers. These factors are driving the market growth.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia Pacific Banana Flour market. In addition, complete analysis of changes on the Asia Pacific Banana Flour market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on Asia Pacific economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
COVID-19 pandemic has impacted all sectors. However, the food industry is the hardest hit. The pandemic has disrupted the food industry, including the Banana Flour market. Although demand for gluten-free products like banana flour has increased, government-imposed lockdowns and shutdowns in the supply chain and manufacturing have reduced production levels of banana flour in the market. Additionally, consumer awareness of health and better immune system provides lucrative opportunities for the market. Health and healthy foods like banana flour have become a priority for consumers. Therefore, the impact of COVID-19 on the banana flour market ranges from minor to moderate.
The competitive landscape analysis of the Banana Flour market is majorly focused on expanding the Asia Pacific growth of banana flour industry with new product innovation, business expansion, and increasing presence of range of manufacturers operating in the banana flour sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumer which is further contributing to healthy growth in the market.
The key players studied in market are
October 2021: CAR-National Research Centre for Banana (NRCB) in Trichy had signed a memorandum of understanding (MoU) with Cake Bee, one of India's top bakeries. Foam mat drying, a low-cost innovative method developed by the ICAR, might be a viable alternative for making cost-effective banana powders from ripe or market rejected bananas.
March 2021: Kokos Natural had launched NATIRÈL Banana flour which is a powder traditionally made of green bananas that is often used as a gluten-free replacement to wheat flours or as a source of resistant starch, which has been promoted by certain dieting trends such as paleo and primal diets and by some recent nutritional research.
By process, the Banana Flour market includes the key segments of freeze dried, spray dried, sun dried and others. The spray dried segment is expected to dominate the market over the forecast period. By source, the Banana Flour market is segmented into organic and conventional. The organic segment is expected to maintain its dominance over the estimated time period. By form, the Banana Flour market is segmented into ripen and unripen. The unripe banana flour segment is expected to dominate the market over the forecast period. The Banana Flour market has distribution channel like direct sales, indirect sales. Direct sales is expected to find increasing demand in the market over the forecast period. The Banana Flour market has major end users like food industry, beverages, retail/household and others. The food industry segment is expected to dominate the market over the forecast period. The Asia Pacific Banana Flour market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is expected to dominate the market over the projected time period.
| Market Sizing for Year: | 2019-2028 |
| Base Year: | 2021 |
| Forecast Period: | 2022-2028 |
| Value: | USD million |
| Market Segment studied: | Process Source Form Distribution Channel End Users |
| Market Players and its Competitors: | Woodland Foods Limited Saipro Biotech Private Limited Pereg Natural Foods Inc. Seawind International, LLC NuNaturals Ltd Miski Organics (Miski Group) Synergy Food Industries Symrise AG (Diana Foods) |
FREQUENTLY ASKED QUESTIONS
What would be the forecast period in the market report?
2023-2029 is the forecast period in the market report.
What are the drivers for the Banana Flour market?
The key driving factors of the market are increasing health-conscious among consumers and the rise in advanced manufacturing techniques.
Which Country is gaining the majority of market share during the forecast period (2023-2029)?
Germany is expected to gain a major market share during the forecast period (2023-2029).
